Chinese second-hand car trading platform Uxin, more commonly known as Youxin in Chinese, is planning for an $800 million IPO in the US market, IFR has reported citing people familiar with the matter. The source added that the firm has already hired Goldman Sachs, JPMorgan Chase, and Morgan Stanley as the underwriters.

Founded in 2011 by Dai Kun, former VP of car trading platform Yiche, Youxin is an online transaction service provider for second-hand cars. Its core business brand Youxinpai is a B2B second-hand car auction service platform integrating auctions, vehicle detection, secure payment, logistics and transport for automobile manufacturers, second-hand car agencies and large companies. The company also operates B2C used-car trading platform and car financing service Uxin Finance.

As a leading player in China’s second-hand car trading market, the company has just raised $500 million D round this year from investors that include Warburg Pincus, TPG and Jeneration Capital. An earlier $170 million C round was led by Baidu in 2015.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.